Lloyd’s Opens First Nordic Office

Lloyd’s announced that it has opened its first representative office in Scandinavia in Sweden, which will act as the hub for all of its Nordic operations.

The office, in Stockholm, will be run by Lloyd’s Nordic Representative, Erik Börjesson. Lloyd’s noted that he has “been building relationships with the regulatory authorities and developing business in the region since his appointment in January 2009.”

The office was officially opened by the British Ambassador to Sweden, Andrew Mitchell, and Enrico Bertagna, Lloyd’s Regional Manager, Europe.

Bertagna noted: “The relationship between Lloyd’s and the Nordic insurance buyers is extremely important. We have reported strong growth in the Nordic region over the past few years, with premium growth up to £350 million [$567 million] in 2008. We expect this to increase now that we have a local presence.”

Börjesson, added: “While the Nordic markets are small by international comparisons, they have demonstrated strong growth, have little volatility and are generally stable. We must make sure that the Lloyd’s market is well placed to capitalize on the opportunities. There is currently a healthy appetite for the region amongst businesses in the market with 18 managing agents seeking to develop their business there.”

Lloyd’s indicated that the Nordic region as a whole (Norway, Sweden, Finland & Denmark) is its third largest European market, and “presents many niche opportunities for profitable diversification of the Lloyd’s market, particularly in energy, aviation and property business.

Source: Lloyd’s – www.lloyds.com

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